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Entrepreneur’s Guide to Starting an RIA Business

If you’re going to embark on a career that is fulfilling and worthwhile, always start with the value that you bring to the table. Teaching people how to invest is one of the most valuable gifts that you can impart to customers.

Entrepreneur’s Guide to Starting an RIA Business

Becoming a Registered Investment Advisor (RIA) is a great career path that you will appreciate. This is a career that you’ll not only find rewarding, but you’ll also appreciate becoming your own boss by starting a shop of your own.

Here’s what you should know about starting an RIA on your terms.

Understand the Role of a Registered Investment Advisor (RIA)

First off, you should learn more about the job of an RIA and what they bring to the table. These professionals aren’t just casual advisors, they register with the Securities and Exchange Commission (SEC), and must stay active.

These professionals have to pass an exam and are subject to certain professional and legal requirements to operate.

Learning about investment is something that will benefit everyone. The more you understand the craft, the more of an impact you can make in people’s lives.

Figure Out What You Bring to the Table

When you are an independent professional, you have to set yourself apart from the pack. You do this by finding out what makes you unique, along with your main reasoning for wanting to become an RIA.

In this career path, you’re not only competing against other RIAs, but you’re also competing against hedge fund managers, mutual funds, online brokers, and other professionals or investment tools.

When you understand your main reason for embarking on this career path, it will help to inform how you operate and what goals you set.

Draw Up a Business Plan

Always have a business plan for a company you’re trying to get off the ground. This business plan will serve as your foundation and will set the course for how you choose to operate your business.

It will address things like the amount of capital you need, what kind of business space you want to carve out, what sort of goals you have, and whether or not you need to hire a staff to help you operate your company.

Be sure that you also designate and register your business so that you have the right type. You will typically want to establish a Limited Liability Company (LLC) in order to protect your personal interests from lawsuits and other matters.

Put Together Some Capital and Start Marketing Your Company and Looking for Clients

If you’re starting an RIA business, marketing needs to be a big factor in the process. This will help you to not only get your first clients but will keep you floating for subsequent years.

Make use of content marketing strategies that work for you and purchase some ad space in places that potential investors spend time and money.

Learn More About Starting an RIA on Your Terms

Starting an RIA business will be your ticket to living your dreams as long as you go about it the right way. The points above will be helpful so that you can achieve your goals while helping people invest.

Check out more of our posts when you want to learn more about succeeding in business.


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